Many people will tell you that to save money, you need to stop spending money. But in this video, I want to recommend something different, which is to save money, you don’t have to change your spending habits, all you need is just make small changes. Enjoy!
► Sign up for Citi Cash Back+ and get free Apple Watch or $350 cash:
► Get your free Apple stock from Moomoo:
► Get your free Starbucks stock from Tiger Brokers:
► Interactive Brokers for best commission rates:
► Keep Bitcoin in BlockFI for high interest rate
► Keep Bitcoin in Ledger securely
► Invest with StashAway:
► Binance.com to buy in USD
► Sign up to Syfe and get 6 months FREE with referral code: KELVIN
► Discord chat:
0:00 – Intro
0:56 – Internet Plan
Most of the internet activities like Netflix, YouTube, online games do not not high internet speed, making the 1gbps plan redundant. I have the 500mbps internet plan, and I checked that my internet speed is less than what I should have. Rather than paying $40 for 1gbps, you can downgrade to a 500mbps plan, which works just fine.
2:26 – Phone Plan
If you are using phones plans that come with phones, you are most definitely overpaying. First, you can the exact same phones at a cheaper price in Carousell. Second, you can sign up for SIM only plans instead. You will get more data and talk time at a much cheaper cost. On top of that, most SIM only plans do not have contract, so you can change to another phone plan anytime you want.
4:23 – Credit Card
All of us have daily expenses, and if we pay with cash or debit card, we are missing out on a lot of goodies. First, cashbacks and discounts. By using credit card to pay, like the Citibank Cashback + card, you will enjoy 1.6% cashbacks. It may seem small but the amount do add up, especially when you can charge all your daily expenses to the card, eg transport, phone bills, utility bills, groceries, dining etc.
Second, free sign up gifts. Credit card companies often reward you with free gifts when you sign up to their card. Right now, if you sign up to the Citibank Cashback + card, MoneySmart will give you a free Apple Watch SE or give you $350 free cash. To qualify, you must not have any Citibank card within the past 12 months, and you need to spend $200 on the card within 30 days.
Third, by paying with credit cards, the receiver does not has direct access to your money. In the event you are scammed, you can just revert the transaction.
7:42 – House Loan
If you have a HDB loan, or signed up for a house loan before 2020, you are overpaying for your house loan. Interest rates have came down, and now is a good time to refinance your loan and save a lot of money.
Some people may be reluctant to refinance to a bank loan because they are worried that interest rates may go back up. As of right now, Fed has mentioned that they won’t raise the rates. In the future, no one knows how interest rates will be. But if you are able to save extra money now, and let the money grow in your CPF, even if interest rates rise in the future, there’s a chance that you will end up saving a lot of money.
9:40 – Stock Brokers
Bank brokerages charge a high trading commission. But recently, there are a lot of low cost stock brokerages coming to Singapore, making investing much more affordable. Some people hesitate to use those brokers because they feel that they are not safe, but you have nothing to be worried about.
Your money is stored in a separate bank account from the company, so they can’t just take your money and run. Some brokers keep stocks with another custodian, so even if the company goes bankrupt, it won’t affect your stocks at all. All these brokers are MAS regulated too, so they cannot anyhow do funny stuff. On top of that, many of these brokers are SIPC insured up to $500k. So if anything happens to your US securities, you will be covered up to $500k.